ISLAMABAD: The Asian Development Bank (ADB) committed $23.6 billion from its own resources in the year 2023, comprising $9.8 billion for climate action, to help Asia and the Pacific progress on sustainable development.
The ADB’s Annual Report 2023 published on Thursday, showed how ADB supported its developing member countries (DMCs) to address the worsening climate challenges as well as the impacts of conflicts, increased debt burdens and food insecurity among other major challenges.
While talking over the operations of the bank, President ADB Masatsugu Asakawa said that the bank continued to step up as the climate bank for Asia and the Pacific while reaching our highest-ever annual financing for climate action adding that the investments from the bank in adaptation and mitigation had a strong focus on climate-resilient agriculture, renewable energy, and low-carbon transport.
ADB Operations
The $23.6 billion covered different natures of loans, grants, equity investments, guarantees, and technical assistance provided to different governments and the private sector. Meanwhile, the bank mobilized an additional $16.4 billion through its own resources in cofinancing through its strong partnerships.
ADB also managed to invest heavily in building high-quality energy, transport, and other infrastructure essential for sustainable development and worked to strengthen human capital in the region through increased support for education and health.
The report also highlighted how ADB was evolving to support in accelerating the in the targeted areas toward the Sustainable Development Goals (SDG).
“Our new operating model has enabled Asian Development Bank to make the major shifts required to deliver better, more accurate, faster, and more tailored support to our DMCs,” said Asakawa.
